"July, 2011" Archive - Page 20

Govt plan to cover more services under service tax net

The Finance Ministry plans to bring more professions in the services sector under the tax net, a senior bureaucrat said here on Monday. He was speaking at a service tax-related event organised by the Associated Chambers of Commerce and Industry of India. ...

Read More
Posted Under: Service Tax |

300 Political Parties not Filed IT Return, EC asks CBDT to issue notices

A country-wide probe conducted by the Income Tax department has found that close to 300 registered political parties have never filed their tax returns and the Election Commission has now asked the department to issue notices to them. The probe, conducted after the EC asked the Central Board of Direct Taxes (CBDT) to ascertain the financi...

Read More
Posted Under: Service Tax |

Black money – Indians had deposits of about $2.5 billion in swiss banks

The Swiss National Bank, the central bank of Switzerland, has estimated that Indian clients had deposits of about $2.5 billion in banks in the European nation in 2010. This is just a fraction of the $1.5-trillion figure that had been projected by political parties and non-governmental organizations, who have attacked the UPA government w...

Read More
Posted Under: Service Tax |

Activity of ‘assembling’ amounts to manufacturing for relief u/s 80IB, employment of temporary workers enough to claim relief

Chiranjjeevi Wind Energy Ltd. Vs. ACIT (ITAT Chennai)

Chiranjjeevi Wind Energy Ltd. v. ACIT (ITAT Chennai)- Income Tax – Section 80IB(2)(iv) – Determination of whether a business activity of “assembling” amounts to manufacturing for relief u/s 80IB - whether employment of temporary workers is enough to claim the relief - YES...

Read More

Lease rentals earned by a developer of Software Technology Park should be treated as business income

DCIT Vs Golflink Software Park P Ltd. (ITAT Bangalore)

DCIT v. Golflink Software Park P Ltd. (ITAT Bangalore) - The taxpayer was not only letting out its building for rent, but also carried on a complex commercial activity of setting up a software technology park in which various amenities and fit-outs have been provided. The Tribunal relied on the Supreme Court’s decision of CIT v. Nationa...

Read More

Essential to prove involvement in physical activities of erection and commissioning of power project to be taxed under special provisions

Voith Siemens Hydro Kraftwerkstechnik GMBH & Co KG Vs DDIT (ITAT Delhi)

Voith Siemens Hydro Kraftwerkstechnik GMBH & Co KG Vs. DDIT (ITAT Delhi)- The Tribunal observed that even though in the contract between the taxpayer and OHPC, the term supervision has been given a specific meaning, the conduct of the taxpayer was not supported by any evidence to demonstrate that it had done any thing other than „super...

Read More

India Enters into Social Security Agreement with the French Republic

The Government of India has entered into an Agreement on Social Security with the French Republic. Following the principles of reciprocity this agreement is intended to benefit the employees and employers of both India as well as France. The Agreement has come into force w.e.f. 1s` July, 2011....

Read More
Posted Under: Service Tax |

Supply of spares used in prospecting for, or extraction or production of mineral oils in turnkey contract – whether eligible for presumptive taxation

G&T Resources (Europe) Ltd Vs DDIT (ITAT Delhi)

G&T Resources (Europe) Ltd. v. DDIT (ITAT Delhi)- The receipts for supply of spare parts used in prospecting for, or extraction or production of mineral oils in the turnkey contract are eligible for presumptive taxation under section 44BB of the Income Tax Act, 1961. It may be noted on the facts of the present case, the supply of spare pa...

Read More

Sharp Business Systems (India) Ltd. vs. DCIT (ITAT Delhi)

M/s. Sharp Business Systems (India) Ltd., Vs Dy. Commissioner of Income-tax (ITAT Delhi)

M/s Sharp Business Systems (India) Ltd. vs. DCIT (ITT Delhi)- The Tribunal held that payment made to ward off competition, under a covenant of non-compete, was to get established in the market and to acquire the market as per the facts of the case. The payment made was of a capital nature but could not be considered as an asset....

Read More

Transfer of a ‘specific sale contract with a client’ is covered under the expression ‘right to manufacture, produce or process any article or thing’ under Section 55(2)(a) of the Income-tax Act, 1961 and hence taxable as capital gains

M/s. Prajna Technologies & Services Pvt. Ltd., Vs DCIT (ITAT Hyderabad)

M/s Prajna Technologies & Services Private Limited vs. DCIT (ITAT Hyderabad) - Observing the nature of business, the taxpayer never sold the right to carry on the business of its software development or its right to carry on any business. It had merely sold a specific sale contract with a client, which is routine outsourcing in all busin...

Read More
Posted Under: Service Tax |

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031